Peet (PPC) H1 2026 earnings summary

Executive summary

• Net profit after tax for H1 FY26 reached $50.9 million, up 102% year-over-year, with operating EPS also up 102% to 10.88 cents and interim dividend per share up 136% to 6.5 cents, fully franked.

• Revenue for the half-year rose 28% to $222.9 million, driven by strong sales and settlements, especially in WA, QLD, and SA, and supported by favorable market conditions and robust demand.

• Contracts on hand at 31 December 2025 totaled $776 million, up 27% since June 2025, providing strong earnings visibility for FY26.

• Strong operational momentum and high land bank activation contributed to performance, with nearly 1,800 sales and 1,500 settlements in H1.

• Major awards for sustainability and masterplanned communities were received in 1H26.

Financial highlights

• EBITDA margin improved to 34%, up 8 percentage points year-over-year, with EBITDA reaching $81.1 million.

• Book NTA per share increased 5% since June 2025 to $1.44.

• Net operating cash flow was $67.7 million, a significant improvement from $(4.2) million in 1H25.

• Gearing reduced to 24.7%, within the target range, and net debt at $215.2 million.

• Cash and available debt facility headroom exceeded $200 million at period end.

Outlook and guidance

• Upgraded FY26 NPAT guidance to $86–90 million, representing 47–54% growth over FY25, with continued growth anticipated in FY27.

• Earnings expected to be weighted toward the first half due to settlement timing.

• Strong momentum and high confidence for the balance of FY26 and into FY27, driven by WA, Queensland, and South Australia.

• Enquiry levels up over 30% from 2H25, indicating robust demand.